Thames Land, Building, and Investment Society.

Thames Star, Volume XIII, Issue 4248, 12 August 1882, Page 2

Thames Land, Building, and Investment Society.

The eleventh annual meeting of the above Society was held last right. Dr Kilgour occupied the chair. The Secretary, Mr Hume, read the minutes of the last annual meeting, which were confirmed. The foljowing report was presented:—" The chief features of the present report are similar to those of last year, both having been due to the same cause, viz., depression, which has still continued to exercise an unfavorable influence over the operations of the Society. By the balance sheeb it will be seen that the business of the Society as represented by the amount advanced on mortgages, has fallen off to the extent of £1166,. or to £3843 as against £5009. On the other hand, the interest of investing shareholders this year represents £10,214 13s 2d, as against £10,432 Us 5d for the previous. Again, the large balance of unemployed capital lying in the Bank of New Zealand—£ls44 5s 9d—explains but too easily the absence of any dividend payable to the shareholders this year. In order to improve the state of affairs disclosed by the balance sheet, it appears to the committee that two steps should be taken, the first having reference i to the rules of your Society, which it is competent for it to alter; the second, which could not be dealt with by the Society, consist in the advantages which would accrue to this association, and all such similarly circuit stanced, in obtaining increased powers from the Legislature to deal with their funds, as, for example, to enable them to purchase land, an operation from which they arc-expressly debarred by laws, for which disability there seems no reasonable ground. There can be no doubt that the great object of the Society at present onght to be the transference of theii business, as far as possible, to prosperous

country districts adjacent to our own, and ! thus the object of altering our rules and the colonial laws upon which they are formed is to favor that change, so as to enable the Society to do business more upon the footing of other companies dealing in money. The profit and loss account has been increased to £200, which it is anticipated will more than cover any bad debts, and will not be written off so long as there is a probability of recovering a refund- on same. Ample allowance has been made for unaccrued interest. Two members of Committee, in place of Mr S.T. Whitehouseand Mr W. McCullough, require to be elected. 'The interest on paid-up shares for past year can be drawn. —James Kiigoub, James Renshaw, Peter Lamb, Trustees." The report and statement of accounts, which was annexed, were adopted. The vacancies on. the Committee were filled up by the appointment of Messrs Walton and Poalgrain. In order, to give effect to the recom» mendatron contained in the report, the following resolution, moved by Mr J. Read and seconded by Mr Wilkes, was adopted :—" Tuat this meeting recom" mend the Committee to avail themselves of the power given them in the Society's rules, clause 1 rule 25. to make advances on quarterly repayments, and to extend up to a period of ten years. !